Promentis raises nearly $3 million

Milwaukee-based Promentis Pharmaceuticals Inc. has raised almost $3 million in a series B financing round.

The company is developing novel pharmaceutical compounds aimed at treating brain disorders including schizophrenia, Parkinson’s disease and pediatric disorders such as autism. It has successfully designed, synthesized and characterized some proprietary molecules.

Promentis will use the funding to move two of its promising compounds into human clinical testing over the next two years by achieving investigational new drug status.

The investment round was led by Dusseldorf, Germany-based Black Horse Investments GmbH and also included Brookfield-based Golden Angels Investors as well as private investors.

"We're encouraged by the extremely promising pre-clinical results we've witnessed in our advanced compounds,” said Chad Beyer, president and chief executive officer of Promentis. “Specifically, they have demonstrated the capacity to restore glutamatergic dysfunction and prevent oxidative damage, two key clinical symptoms of many central nervous system disorders."

The company’s technology was in-licensed by Marquette University and the University of Wisconsin-Milwaukee.